RETAIL BANKING | Tony Chua, Thailand

Bank of Ayudhya denies reports it is in talks with RHB

RHB eager to buy Thai banks to take advantage on the robust growth in the country's banking sector.

Thailand's Bank of Ayudhya Pcl said on Monday it had not been in contact with Malaysia's RHB over any merger plan.

"Bank of Ayudhya wishes to inform that RHB Berhad has not made any contact with the bank nor is it in negotiations to purchase shares in any manner," the bank told the stock exchange.

Shares in Thailand's fifth-largest lender jumped last week on speculation that the bank may be a target for the Malaysian bank, according to a report in Reuters.

RHB's principal officer, Renzo Viegas, said last Wednesday RHB wanted to buy Thai banks to tap strong growth in the country's banking sector. Kao Hun newspaper reported an unnamed source as saying RHB was interested in buying a stake in Bank of Ayudhya. 

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